You will hear a lecture. After listening to the lecture, in 10 seconds, please speak into the microphone and retell what you have just heard from the lecture in your own words. You will have 40 seconds to give your response.

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 What is Globalization? Globalization can usefully be conceived as a process (or set of processes), which embodies a transformation in the spatial organization of social relations, and transactions, generating transcontinental or interregional flows and networks of activity, interaction, and power. It is characterized by four types of change: First, it involves stretching of social, political and economic activities across political frontiers, regions, and continents. Second, it suggests the intensification, or the growing magnitude, of interconnectedness and flows of trade, investment, finance, migration, culture, etc. Third, the growing extensity and intensity of global interconnectedness can be linked to a speeding up of global interactions and processes, as the evolution of worldwide systems of transport and communication increases the velocity of the diffusion of ideas, goods, information, capital, and people. Fourth, the growing extensity, intensity, and velocity of global interactions can be associated with their deepening impact such that the effects of distant events can be highly significant elsewhere and even the most local developments may come to have enormous global consequences. In this sense, the boundaries between domestic matters and global affairs can become increasingly blurred.